"It is unrealistic for Shenzhen to achieve double-digit growth in exports since the city already has a big base. The city should pursue a stable growth climate," Chen said.

Shenzhen's foreign trade is predicted to grow by 42 percent in the first half of this year and its exports are forecast to jump by over 33 percent, local officials said yesterday. The city's GDP was expected to grow by 9.5 percent to more than 601 billion yuan (US$97 billion) in the first six months of this year.

The city also is focusing on the development of local small and medium-sized enterprises (SMEs).

The city government is considering establishing a 2-billion-yuan fund to support the development of SMEs, according to Guo Limin, head of Shenzhen's economy, trade and information commission.

"The fund will be financed by the government, venture capitalists and enterprise donations, which will be mainly used to support SMEs in start-up and growth periods,"Guo said.

More than 99 percent of the 530,000 registered enterprises in Shenzhen were SMEs as of the end of June, according to city data.

One focal point for local economic development is Qianhai, a 15-square-kilometer coastal strip in Nanshan District that Shenzhen and Hong Kong are developing into a modern service industry hub. A total of 1,144 enterprises had registered for development in Qianhai, with total registered capital of 140 billion yuan, as of Friday.

(Source:Shenzhen Daily)